Countries send aid to Libya; Arm’s highly anticipated IPO, and more

This is The World in Brief from the Economist. Our Top Stories Spain will send 1 million euros or 1.07 million dollars to Libya in solidarity with flood victims the foreign minister announced. It is the latest country to pledge aid among the many providing money, food and medical supplies to the region, after Storm Daniel caused severe flooding and burst two dams near Duna, a coastal city. Egypt, Tunisia and the UAE are among those who have sent rescue teams to the scene. Local officials said that more than 5,000 people have died. Some 10,000 are reported missing. Shares in ARM, a British chipmaker, were priced at $51 each on NASDAQ, valuing the company at over $54 billion. It is the firm's first public offering since it was taken private by its owner Softbank Group, a Japanese technology conglomerate 7 years ago. The blockbuster listing signals a revival of the IPO market and is one of the biggest so far this year. Mitt Romney, the American Senator from Utah, will not seek re-election in 2024. In a video posted on X, formerly Twitter, the 76-year-old Republican said it was time for, quote, a new generation of leaders, and criticized both Joe Biden and Donald Trump stances on climate change, debt and dealing with Russia and China. His statement comes amid concerns from some American voters that their lawmakers are too old. America's annual inflation rate rose from 3.2% in July to 3.7% in August, slightly higher than expected. On a monthly basis, the consumer price index went up by 0.6%, compared with 0.2% in July, while the core measure, which excludes food and energy, also rose by slightly more than predicted. Next week, the Federal Reserve will decide whether to raise interest rates again to bring inflation closer to its target of 2%. China became the first country to appoint a new ambassador to Afghanistan since the Taliban returned to power in August 2021. Zhao Xing was received at a ceremony in Afghanistan's presidential palace in Kabul. No country, including China, formally recognizes the Taliban regime, which enforces repressive rules restricting the freedom of women and girls. The European Union will investigate Chinese state subsidies for electric vehicles announced Ursula von der Leyen, the president of the European Commission, during her annual state of the Union speech. As von der Leyen said, cheap Chinese cars were, quote, distorting our market. State investment in China's EV technology was around $100 billion between 2009 and 2019. Battery-powered vehicles account for a third of China's exports. Apple has been told to stop selling its iPhone 12 in France after tests carried out by the country's radiation watchdog found that the model breached European limits on emissions of electromagnetic radiation. If the issue is not resolved through a software update, the company could be ordered to recall phones which have already been sold. Apple is contesting the findings. And figure of the day, 5 pounds, or $5.40, the new peak time entrance fee for daytrippers to Venice introduced to curb overturism.